U.S. Bancorp has hired John Steward as president of its retail payments solutions division.

Steward will replace the division's current president, Tony Vuoto, who previously announced that he would retire at the end of the first quarter of 2016. In his new role, Steward will help lead the $422 billion-asset bank's efforts in offering credit, debit and prepaid payment services to consumers and small businesses.

"During the course of [Vuoto's] seven-year tenure at U.S. Bank, he managed the business through one of the most turbulent times in the history of the card industry," Shailesh Kotwal, U.S. Bank's vice chairman of payment services, said in a press release Thursday. "He leaves the business well-positioned to continue its momentum into the coming years."

Steward joins the bank from McKinsey & Co., where he was a senior adviser. Before that he worked for American Express for 26 years, most recently as executive vice president of the company's international consumer and small-business services division.